Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy. The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015. Founded in 2

BlockSquare Seoul is working to strengthen its service lineup to support investors in mitigating risks and increasing profit in cryptocurrency trading. The company provides charts which show the price fluctuation of major cryptocurrencies and assess risks, bid prices and liquidation attempts. The charting service, like the cryptocurrency market, operates on a 24-hour basis. The charts further speculate future price movements by using data generated from real-time market monitoring. The chartin

North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i

Speed and accuracy in processing real-time data are key requisites for interpreting the volatile cryptocurrency market, said Won Hyuk, chief technical officer at BlockSquare Seoul. The crypto trading assistance company has created a charting tool for investors, which helps with trading analysis. Its AI-powered Goya algorithm suggests the best time to buy and sell, reading into the market price fluctuation of cryptocurrencies. “We convert figures from orderbook, on-chain data and liquidatio

Korea is in the middle of blame-shifting, as banks face more than 3 trillion won ($2.28 billion) in losses combined in the first half of next year from the sales of equity-linked securities tied to a Hong Kong index. Financial authorities are considering creating guidelines for compensation regarding the sales of ELS products tracking the Hang Seng China Enterprises Index, seeing the possibility of banks’ misselling. The value of ELS products sold by Korea’s five major banks set to m

Global consulting firm McKinsey & Co. on Monday said it has promoted two associate partners, Kim Gi-hong and Moon Ho-joon, as partners. Having studied engineering at Seoul National University, Kim joined McKinsey & Co. in 2016 and has pursued a career across energy and infrastructure. Kim's experience involves leading diverse projects on strategic and practical proposals for oil refinery, petrochemical and construction businesses, and proposing management reforms for companies. Ki

A sibling feud over the management of Hankook & Co., the holding company behind the world’s sixth-largest tiremaker, Hankook Tire & Technology, has been reignited, as the older of the two brothers has joined hands with a major private equity house to shore up his stake. Asia's largest private equity firm MBK Partners announced through a regulatory filing Tuesday that it has launched a public tender for Hankook & Co., offering 20,000 won ($15.23) per share under a goal to

Art Together, a subsidiary under major Korean art auctioneer K-Auction, announced Monday it has submitted its registration statement for fractional investments in Yayoi Kusama's 2002 artwork, “Pumpkin,” to the country’s top regulator, the Financial Supervisory Service. Art Together purchased the painting from renowned British auction house Christie’s for 1.09 billion won ($835,000) and has set the subscription price at 1.18 billion won, allowing retail investors to s

Contrary to concerns that the short selling ban would lead to an exodus of foreign funds, offshore investments have flooded into Korea over the past month backed by dovish expectations on US interest rates and a chip recovery. Last month, financial authorities in Korea announced a complete ban on short selling from Nov. 6 until the end of June 2024, in a bid to ensure a "fair playing field" for investors. While market watchers predicted that implementing a short selling ban would drive

KB Kookmin Bank CEO Lee Jae-keun has been nominated for a second term as the head of the nation’s top lender, KB Financial Group said Thursday. In a meeting held earlier in the day, the group’s CEO candidate recommendation committee named Lee as the sole and final candidate as the bank’s next CEO. Lee, 57, has been holding the top post since January 2022. Lee is recognized for his experience in crucial posts, such as sales, finance, strategy and more, and for his understanding

The Bank of Korea kept the base rate unchanged at 3.5 percent for the seventh straight time on Thursday, unable to either cut or raise the rate as Korea stands the test of the shaky economy. The six members of the monetary policy board unanimously voted for a rate freeze at the last rate-setting meeting held this year, according to BOK Gov. Rhee Chang-yong. The BOK’s Monetary Policy Decision statement showed the board will “maintain a restrictive policy stance for a sufficiently long

Mirae Asset Securities, a leading brokerage house based in Korea, has been expanding its presence in the global financial market, backed by its burgeoning overseas operations. With 12 branches and three offices located out of Korea, the firm boasts a vast overseas network across 11 regions including Hong Kong, Singapore, Vietnam, Indonesia, India, Mongolia, China, the US, the UK, Greece and Brazil. The equity capital held by its overseas subsidiaries surpassed $3 billion as of June, according to

BlockSquare Seoul, under the wing of its holding company Youth Meta, provides virtual currency trading assistant services based on algorithms powered by artificial intelligence technology. Founded in 2016, the firm’s robo advisor, Goyabot, offers market prediction for some 180 cryptocurrencies, speculating future price movements by using data generated from real-time market monitoring. Goyabot predicts crypto price fluctuations by analyzing buy and sell orders entered on exchanges, trans

The answers are all out there in the charts for Iron Won, who leads Youth Meta, the holding company of crypto trading service operator BlockSquare Seoul. After a prolonged period of uncertainty in the cryptocurrency market, the crypto winter seems to have come to an end. As market sentiment lightens up, Won has one piece of advice for investors -- to predict market trends by tracking asset movements. “It is nearly impossible for an average person to approach the crypto market, as it is exp

Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets. Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo. Choo has been in London since Monday as a part of Presi

The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key position

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa

Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st

Lee Sirgoo, CEO of Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, was officially tapped by board members to lead the fintech firm for another three-year term, it said on Wednesday. Lee, who has been serving his second term at the company, was first named its chief in 2017. The appointment is to be finalized through approval at a shareholders meeting, set to take place on Dec. 5. If approved, Lee’s term will last until December 2026. “I decided to assume